SB 274
Governor Brown signed SB 274, which generally conforms to the new federal centralized partnership audit regime. The new regime allows the IRS to conduct audits, make adjustments and assessments, and collect tax at the partnership level (rather than at the partner level), and generally applies to returns filed for partnership taxable years beginning after 2017.
Under SB 274, partnerships must report each partnership item change or correction to the FTB within six months of the date of each final federal determination if the partnership is issued an adjustment under IRC ยง6225 or makes a push-out election as part of an IRS partnership level audit.
To view the full text of SB 274, go to:
http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180SB274
